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| Subject: US Dollar |
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Hello all. I am about to move to canada and all my savings is in US Dollar. I was wondering if i can open a Bank account in canada and keep my savings in US Dollar till the dollar becomes stable again and i can get a better exchenge rate for canadian dollar. This could take a year or more. Please let me know and thanx for your help in advance.
ME.
[30-10-2007,11:10]
[**.201.162.248]
ME |
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(in reply to: US Dollar)
Most probably you can. Not sure though. All Canadians banks have "US Account" system. Probably that is what you are looking for.
[30-10-2007,11:31]
[***.254.208.242]
Departed_Canadian |
(in reply to: US Dollar)
For sure you can. CIBC offers US$ accounts to all CDN$ account holders. No restrictions.
[30-10-2007,12:20]
[**.53.225.148]
Richard |
(in reply to: US Dollar)
Richard and DC
Can you clarify ? You mean you can keep an account in US$ in a Canadian bank ? really ???? tell me more I never heard of that. What is CIBC ??
If so I would be interested as I have all my funds in US$ and plan to move soon.
Thanks for details
[30-10-2007,12:53]
[***.207.38.125]
CBV333 |
(in reply to: US Dollar)
CIBC is one of the major bank in Canada, others are TD, Royal Bank, Scotia Bank, Bank of Montreal..For some reasons CIBC & TD are the most popualr for personal bankings.
In any bank you can open an US-account with US dollar.
[30-10-2007,13:02]
[***.254.208.242]
Departed_Canadian |
(in reply to: US Dollar)
CBV,
Yes, under Canadian banking laws, U.S. dollars can be held in Canadian banks. Good place for safe keeping of USD for new residents until the USD comes back (better exchange rate).
CIBC is one of the 5 major banks in Canada. Canadian Imperial Bank of Commerce. There you can open both CDN and USD accounts. Then simply deposit US funds and checks writen in US dollars into the USD account. No charge and and restrictions. You can move all your USD funds there if you like.
It´s very felixible. Unlike U.S. banking laws, that do not allow domestic banks to offer foreign currency accounts.
[30-10-2007,13:06]
[**.53.225.148]
Richard |
(in reply to: US Dollar)
Thanks DC and Richard
So if I understand well, let´s say I open a US$ account in CIBC, does that mean I can transfer my US money from US bank account to my US$ Canadian bank WITHOUT LOSING MONEY ?? Or deposit US$ money by writing a personal check to myself in US$ ??? then change it later when the rate is better ?
Is that right ?
This is a big news for me ... really I had no idea. I have learnt something today.
[30-10-2007,14:09]
[***.207.38.125]
CBV333 |
(in reply to: US Dollar)
yes. I believe all the majors offer US funds accounts. Check if the Credit Unions do as well.
[30-10-2007,14:43]
[***.121.220.199]
sharon |
(in reply to: US Dollar)
As DC said, that´s correct. CIBC worked well for me. The only minus is not much, if any, interest is paid on the USD account. Otherwise no restrictions.
[30-10-2007,14:50]
[**.53.225.148]
Richard |
(in reply to: US Dollar)
CBV,
The way you think is correct. You even can deposit your US bank cheque in Canadian US account. OR deposit the hard cash. If transfer from bank to bank then you may lose something, shouldn´t be lot though.
[30-10-2007,15:01]
[***.254.208.242]
Departed_Canadian |
(in reply to: US Dollar)
OK! Thanks all for the info.
That was useful to me I am sure it is for others too. It is good to know these things ahead of time.
[30-10-2007,15:02]
[***.207.38.125]
CBV333 |
